Survey shows Canadians spending more on back-to-school shopping

August 21, 2012

The school year is starting for people across the globe, and those in Canada are spending a bit more on back-to-school shopping than they have previously. A new survey funded by BMO Financial Group and conducted by Pollara, found Canadian consumers will dish out $362 on all of their school items this year. This figure is up 13 percent from last year, which came out to $319.

The findings showed 46 percent of shoppers were planning on getting their back-to-school necessities at local retailers and nearly a quarter were seeking out their items online. The survey, which was made up of 1,000 Canadians, illustrated 54 percent of respondents would be shopping before the new academic year begins. In addition, the findings also showed that 59 percent of students are looking forward to returning to school this year.

Thirty-two percent of students reported they would have a tough time paying their bills while they were at school and 27 percent reported they would have just enough to cover their bills.

"Despite their level of optimism entering the school year, many students are handling a number of priorities on their own for the first time, including managing their own finances, so it's no surprise that this can cause some anxiety," said Lily Capriotti, vice president, BMO Bank of Montreal. "However, it's important that students ensure they work with a parent or a financial advisor to put a financial plan in place to help minimize stress during the school year, including finding out about products and resources that are available to them."